{"id":25031,"date":"2013-03-11T21:37:24","date_gmt":"2013-03-12T01:37:24","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=25031"},"modified":"2023-04-17T10:58:19","modified_gmt":"2023-04-17T14:58:19","slug":"tricky-dicky","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/tricky-dicky","title":{"rendered":"Tricky Dicky"},"content":{"rendered":"<p>It was a very quiet morning in the world of &#8220;In Play&#8221; stocks. The only two tickers showing signs of life in the pre-market<a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2013\/03\/dks-daily.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-thumbnail wp-image-25033\" title=\"dks daily\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2013\/03\/dks-daily-150x150.png\" alt=\"\" width=\"150\" height=\"150\" \/><\/a> were DKS and GNW. After reporting earnings DKS lowered guidance which was causing a large gap to a major support area around 46.50. We were prepared for a bounce from this level given the strong underlying bid in the overall market but with lowered guidance a failure at this level could lead to a move to the next major support two points lower.<\/p>\n<p>As the market opened DKS was being bought at 46.50. The buyers dropped and the sellers stepped lower and I got short. After a quick spike 40 cents lower DKS was right back at 46.50 and I covered when .50 lifted. Then it proceeded to trade above 47. It spent about 15 minutes above 47 and started to look more promising as a gap fill candidate. But it still had not consolidated for 25 minutes, which in my view is the required amount of time after 10:00AM to have a high confidence level for continuation. As it traded below 47 traders on our desk who were long got flat.<\/p>\n<p>By 11:00AM it was clearly trending lower on the five minute chart and was below 46.50. Some traders initiated short positions and then waited. A point of emphasis on SMB&#8217;s desk is we want to see stocks &#8220;move away&#8221; from important prices. When we see this type of price action we have more confidence a position will work and look to add. See the five-minute chart below for some trade management ideas as the short continued to work. Some traders took the short home as DKS closed at the LOD.<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2013\/03\/DKS-5-minute-breakdown-march-11.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-25035\" title=\"DKS 5 minute breakdown march 11\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2013\/03\/DKS-5-minute-breakdown-march-11.png\" alt=\"\" width=\"540\" height=\"378\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2013\/03\/DKS-5-minute-breakdown-march-11.png 1000w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2013\/03\/DKS-5-minute-breakdown-march-11-300x210.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2013\/03\/DKS-5-minute-breakdown-march-11-250x175.png 250w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/a><\/p>\n<p><a href=\"http:\/\/twitter.com\/sspencer_smb\"><img decoding=\"async\" src=\"http:\/\/twitter-badges.s3.amazonaws.com\/follow_me-c.png\" alt=\"\" \/><\/a><\/p>\n<p>Steven Spencer is the co-founder of SMB Capital and SMB University and has traded professionally for 16 years. His email is sspencer@smbcap.com.<\/p>\n<p>No relevant positions<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It was a very quiet morning in the world of &#8220;In Play&#8221; stocks. The only two tickers showing signs of life in the pre-market were DKS and GNW. After reporting earnings DKS lowered guidance which was causing a large gap to a major support area around 46.50. We were prepared for a bounce from this level given the strong underlying &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/tricky-dicky\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":25033,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,8,1373],"tags":[4676,2761,4685,2760],"class_list":["post-25031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-comments-2","category-steven_spencer_steves_blogs","category-trading-lesson","tag-day-trading","tag-dicky","tag-trading-lesson","tag-tricky"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tricky Dicky | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/tricky-dicky\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tricky Dicky | SMB Training\" \/>\n<meta property=\"og:description\" content=\"It was a very quiet morning in the world of &#8220;In Play&#8221; stocks. The only two tickers showing signs of life in the pre-market were DKS and GNW. After reporting earnings DKS lowered guidance which was causing a large gap to a major support area around 46.50. We were prepared for a bounce from this level given the strong underlying ... 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